Section 1: Definitions, approval or authorisation of the system manager

The Autorité des marchés financiers shall notify the European Securities and Markets Authority of any authorisation granted to an investment services provider other than a portfolio management company to provide the investment service referred to in Article 8 of L. 321-1 and of any authorisation granted to a market undertaking to operate a multilateral trading facility.

Silence on the part of the administration shall constitute a decision to reject : 1° Requests for initial approval of the rules of a multilateral trading facility pursuant to the second paragraph of Article L. 424-2; 2° Requests to amend the rules of a multilateral trading facility pursuant to the second paragraph of Article L. 424-2.

The implied decision referred to in 1° of article R. * 424-2 is given three months from the date of receipt of the application; the decision referred to in 2° is given one month.